NY A03798

Creates a new Sustainable Affordable Housing Incentive Program under the Private Housing Finance Law to reduce greenhouse gas emissions from multi-unit residential housing in New York State.

Authorizes the Housing Trust Fund Corporation to provide payments, grants, and loans to eligible applicants for sustainable affordable housing activities that exceed established greenhouse gas emissions baselines.

Defines eligible applicants as not-for-profit corporations, charitable organizations, their wholly-owned subsidiaries, and private for-profit developers undertaking creation, preservation, or improvement of affordable housing with environmentally-sensitive design and materials.

Requires the Corporation to establish procedures, criteria, and requirements for applications including eligibility standards, feasibility assessments, funding determination processes, supervision, and reporting requirements.

Takes effect immediately upon enactment.